BofA Consumer Payments Up 16% to $294B in February

Bank of America saw a 16% year-over-year increase in total consumer payments in February to $294 billion among its 67 million clients, according to a Tuesday (March 8) press release. The company also noted BofA consumer client payments were up 5% from February 2020 to February 2021.

Consumers paid a record $3.8 trillion in 2021 and showed strength in both payments and spending in January, the press release said.

“We saw a strong continuation of payment and spending trends in February, another positive sign of the strength of U.S. consumers,” Bank of America Head of Consumer and Small Business Products Mary Hines Droesch said in the press release.

“Strong spending trends across a variety of sectors such as travel, restaurants, public transportation and gym memberships suggest more consumers are returning to the office and resuming more in-person activities,” she said.

Meanwhile, Bank of America clients’ combined credit and debit card spending reached $63 billion in February, up 21% from February 2021; total credit and debit transactions were up 15% year over year; and travel spending on credit and debit cards was up 95% year over year, led by airlines (153%) and travel agencies (147%).

BofA said the increased spending at coffee shops, dry cleaners and public transportation “indicated a greater return to the office” in February — with spending up 30% combined year over year in February after 21% YoY growth in January — after omicron fueled “a seasonal winter slowdown” in spending.

Year-over-year spending at restaurants and gyms was up 38% and 43%, respectively, in February, while spending on in-person activities including movie theaters, ticket agencies and amusement parks was up 162% year over year for Gen Z and millennial consumers and up 94% for baby boomers and senior citizens.

Digital spending was up 22% year-over-year for the month and adoption of tap-to-pay now represents 19% of in-person transactions.

Related: BofA CEO: Americans Spending, Saving More

Bank of America CEO Brian Moynihan told CNBC’s Jim Cramer last month that American consumers are spending more money, but also saving more.